Home > Moving Forward with Home Purchase

Moving Forward with Home Purchase

November 1st, 2023 at 04:44 pm

Well, I am moving forward with the purchase of this latest home.  The inspection report did turn up some things, but that is to be expected.  The list was not overly long and there are only two items which need to be addressed immediately.  Most of the items which need repair I was already aware of, as they are obvious.  (Some damage to the siding next to the patio, some trim around a window, etc.)  And the house could certainly use some cosmetic improvements.  But it is a solid little house, which is exactly what I need.

While I have only seen the house via a video call, my daughter, son-in-law, and son toured it in person.  My daughter in particular has a good eye for issues, having worked for a time in construction.  Plus, they know what I like.  They were unanimous in their opinion that it was the best house they had toured with the realtor.

I will be putting down approximately 45k and taking a mortgage for approximately 35k.  The monthly mortgage payments (principal and interest only) will be approximately $314, with the mortgage due in 2 years.  I will have the option to extend for an additional 2 years, for a fee.  

Here's the listing:  8 Wedgewood Ct, Murphysboro, IL 62966 |®


8 Responses to “Moving Forward with Home Purchase”

  1. Michelle Says:


  2. mumof2 Says:

    congrats looks like a nice litte place and even better closer to family

  3. terri77 Says:

    Congratulations! 🏡

  4. LuckyRobin Says:

    Sounds like a good little house. Now all you need to do is find work. Or do you have enough to live on and pay the mortgage?

  5. Petunia 100 Says:

    Thank you everyone! Smile I am so excited.

    Lucky Robin - At the moment, I have about 39k in cash above what I need to put down. Of course, I have moving expenses on the near horizon. But I should be able to manage on that for quite awhile. I hope to have a job within a month or so after getting settled, because I don't want to live on that money. Instead, I want to add to it and when I have a comfortable enough cushion, just the pay the mortgage in full.

  6. LivingAlmostLarge Says:


  7. PatientSaver Says:

    Your monthly payments will only be $314 and the mortgage is only for 2 years? I didn't think banks would be willing to even do the paperwork for such a short-term loan.

  8. Petunia 100 Says:

    Hi Patient Saver, I am using a private lender. It is a hard money loan so that I can use my equity rather than income to qualify. The terms are quite good; the rate is 7% with a 2% funding fee. The loan is amortized for 15 years but is due in 2. At the end of 2 years, I have the option to roll for an additional 2 years with another 2% funding fee. I don't qualify for a traditional mortgage.

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